This article seeks to explain how to start Okrika business in Nigeria. In addition to providing a step-by-step guideline on how one can start Okrika business in Nigeria, this piece will also explain what the business entails and provide other relevant information to help anyone interested in this business make an informed decision. Read on.
How to start Okrika business in Nigeria will be discussed below:
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What is Okrika Business?
Before we proceed with giving a detailed explanation of the steps involved in starting Okrika business in Nigeria, we’d briefly discuss what the business model entails.
First and foremost, the term “Okrika” refers to second-hand or fairly used clothing items such as gowns, skirts, blouses, shirts, shorts, trousers, handbags, and so on. In Nigeria, these items may be sometimes referred to as “OK clothes” or “bend-down select clothes”
So, Okrika business is a type of business that involves selling of second-hand or fairly used clothes to end users.
With the dwindling economy that has reduced the purchasing power of many Nigerians, Okrika clothes are highly sought because they are affordable to the income earners at the base and middle of the income strata.
In addition to its affordability, there is a notion that some Okrika clothes are of high quality and great designs. However, this claim is debatable. Nonetheless, Okrika business is considered a lucrative business in Nigeria.
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Step-by-Step Guide on How to Start Okrika Business in Nigeria
Now to the crux of this piece, let’s delve into explaining how to start Okrika business in Nigeria.
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Learn the Rules of Okrika Business
The first step of starting Okrika business is to learn the trade to get acquainted with the rules of the business. To do this, attach yourself to an already established Okrika business dealer for some months to learn the intricacies of the business.
This step of the process is of utmost importance because if you don’t have in-depth knowledge of the business you’re venturing into, you are bound to make costly mistakes capable of hampering your chances of succeeding in the business.
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Find a Good Spot to Set up Shop
After you’ve gained knowledge on the rules of Okrika business, the next line of action is to get a good location where you would display your wares to attract passersby.
Getting a good spot for your Okrika business will increase the amount of patronage you get. You may choose to rent a shop in the market or around the street where there is plenty of leg traffic, or opt for an open space in the market.
Alternatively, you could sell your wares from your home, however, this option could reduce the amount of patronage you have as many people would not want to always come to your house to buy the items that they want. Selling Okrika wares from home is plausible if you plan on using social media to attract customers.
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Determine the Category of Okrika Wears to Deal in
There are several categories of Okrika wares that you choose to deal with, ranging from adult clothes, children’s clothes, women’s clothes, shoes, T-shirts, and so on.
Before you decide on which category of Okrika wares you want to deal in, we advise that you first carry out a feasibility study to determine the items that are in high demand. Ask those who are into Okrika business around your locality to know what the fast-moving categories are and key into it.
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Determine Where to Buy the Okrika Bale from
After you’ve determined what categories of Okrika wares you would want to deal in, the next thing to do is to decide where you want to buy the Okrika bale from.
There are so many markets in Nigeria where you can buy Okrika bale. Almost every state has one or more markets where one can get Okrika bales. If you are in Lagos, you can get Okrika bale from Yaba market, Balogun market, Katangua market, and Idumota market.
Other markets in Nigeria where Okrika bales are sold include but are not limited to the Oil Mill market (PH, Rivers State); Itam market (Uyo, Akwa Ibom State); and Igbudu market (Warri, Delta State), among others. Outside Nigeria, Cotonou market is a good market where you could get Okrika bales.
Regardless of the market you choose to buy from, ensure to partner with an already established Okrika business dealer to show you the ropes on how to get the Okrika bales. By partnering with an already established Okrika wares dealer, you reduce the likelihood of falling into snares of scammers.
In the situation where you are starting small, it’s recommended you select the best wares from the established Okrika dealers who have bales of the categories you want to deal in.
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Determine the Selling Price of Each Ware
Once you’ve gotten your bale of Okrika wares, calculate to find out what the cost price for each item in the bale is. You do this by dividing the total amount for the bale by the number of items contained in the bale.
For example, if the bale costs N100,000 and contains 250 Okrika wares, the cost price for each item is N400.
The selling price for the wares in your bale should not be below the cost price and also not be too high. In the example above, the selling price for each ware in the bale could be anywhere from N600 and above.
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Promote Your Business
Every business needs promotion to attract new customers and bring back existing customers. The same applies to Okrika business.
The best ways to promote your Okrika business include the following:
- Deal on high-quality wares
- Give discounts
- Use social media
- Encourage your satisfied customers to let others know about your business (that is, word of mouth)
- Keep Track of Your Business
You should endeavour to keep track of the goings on in your Okrika business. Record every sale you make and how much you spend in the course of your business.
Keeping track of your business will help you understand:
- If you are making a profit or loss
- When to restock
- Who owes you